inTEST Corporation (NASDAQ: INTT), an independent designer,
manufacturer and marketer of semiconductor automatic test equipment
(ATE) interface solutions and temperature management products,
today announced results for the 2011 third quarter ended September
30, 2011.
2011 Third Quarter Highlights:
- Third quarter bookings were $10.5 million, as compared with
second quarter 2011 bookings of $13.5 million and third quarter
2010 bookings of $9.8 million. 41% of third quarter 2011 bookings
were derived from non-semiconductor test.
- Third quarter net revenues were $11.7 million, as compared with
second quarter 2011 net revenues of $13.8 million and third quarter
2010 net revenues of $11.3 million. 31% of third quarter 2011 net
revenues were derived from non-semiconductor test.
- Third quarter gross margin was $6.1 million, or 53%, as
compared with second quarter 2011 gross margin of $6.8 million, or
49%, and third quarter 2010 gross margin of $5.5 million, or 48%. A
more favorable product mix in our Mechanical Products segment
helped to drive the improvement in gross margins in the third
quarter.
- Third quarter net earnings of $5.2 million, or $0.50 per
diluted share, increased over second quarter net earnings of $2.7
million, or $0.26 per diluted share, and third quarter 2010 net
earnings of $1.7 million, or $0.17 per diluted share. The
substantial increase in third quarter net earnings was driven by
the effect of the reversal of $2.9 million of valuation allowance
against our deferred tax assets. The impact of the reversal of the
valuation allowance was an increase in our diluted net earnings per
share of $0.28. Absent the reversal of the deferred tax valuation
allowance, third quarter net earnings would have been $0.22 per
diluted share, a decrease from the second quarter of 2011, but in
excess of our Q3 2011 earnings guidance of $0.13 to $.018 per
share, due to better than expected gross margin and lower than
expected operating expenses. Second quarter 2011 net earnings
reflect the effect of approximately $64,000 of non-recurring costs
associated with the preparation and filing of the Company's
Registration Statement on Form S-3 on May 3, 2011.
Robert E. Matthiessen, inTEST Corporation's President and Chief
Executive Officer, commented, "We have strategically diversified
our Thermal Products segment to address growth markets in both the
semiconductor and non-semiconductor areas, including aerospace,
defense, automotive, telecommunications and medical pharmaceutical.
We began 2011 with non-semiconductor related bookings of 18% for
the first quarter and have systematically expanded our product
offerings, with third quarter non-semiconductor related bookings
increasing to 41% of consolidated bookings, a testament to the
strength of the Company's diversification strategy. During the
third quarter of 2011, nearly 60% of our Thermal Group's bookings
came from non-semi customers, driven by orders for oscillators,
nuclear, uranium enrichment, LEDs, and Military / Aerospace
applications. Despite the current turbulent macro-economic
environment, our diversified business model places inTEST in a
position to somewhat offset the softening order rate that has
recently impacted the overall semiconductor industry and sets us on
a path to enhanced profitability, with our results for 2011 on
track for both revenue and earnings to exceed 2010 levels." Mr.
Matthiessen concluded, "Although we are experiencing near term
softness in demand from our semiconductor customers, our customers
continue to strategically increase their overall test capacity as
they seek to meet end market demand for a broad range of products.
Accordingly, we are confident that the long-term growth prospects
for inTEST Corporation remain positive."
Fourth Quarter 2011 Financial Outlook: The
Company expects that net revenue for the fourth quarter ended
December 31, 2011 will be in the range of $9.5 million to $10.5
million and that net earnings will be in the range of $0.03 to
$0.10 per diluted share. The fourth quarter outlook is based on the
Company's current views with respect to operating and market
conditions and customers' forecasts, which are subject to
change.
Third Quarter 2011 Investor Conference Call /
Webcast Details: There will be a conference call with
investors and analysts this evening at 5:00 pm EDT to discuss the
Company's third quarter 2011 results and management's current
expectations and views of the industry. The call may also include
discussion of strategic, operating, product initiatives or
developments, or other matters relating to the Company's current or
future performance.
The dial-in number for the live audio call beginning at 5 p.m.
EDT on November 2, 2011 is +1- (480) 629-9665. The Passcode for the
conference call is 4482250. Please reference inTEST Q3 2011
Financial Results Conference Call. A live webcast of the conference
call will be available on inTEST's website at www.intest.com, under
the 'Investors' section.
An archive of the webcast will be available for a period of one
year at inTEST's website at www.intest.com, under the 'Investors'
section.
About inTEST Corporation inTEST
Corporation is an independent designer, manufacturer and marketer
of ATE interface solutions and temperature management products,
which are used by semiconductor manufacturers to perform final
testing of integrated circuits (ICs) and wafers. The Company's
high-performance products are designed to enable semiconductor
manufacturers to improve the speed, reliability, efficiency and
profitability of IC test processes. Specific products include
positioner and docking hardware products, temperature management
systems and customized interface solutions. The Company has
established strong relationships with semiconductor manufacturers
globally, which it supports through a network of local offices. For
more information visit www.intest.com.
Forward-Looking Statements: This press
release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements do not convey historical information, but relate to
predicted or potential future events that are based upon
management's current expectations. These statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. In
addition to the factors mentioned in this press release, such risks
and uncertainties include, but are not limited to, changes in
business conditions and the economy; changes in the demand for
semiconductors; changes in the rates of, and timing of, capital
expenditures by semiconductor manufacturers; progress of product
development programs; increases in raw material and fabrication
costs associated with our products; implementation of restructuring
initiatives and other risk factors set forth from time to time in
our SEC filings, including, but not limited to, our periodic
reports on Form 10-K and Form 10-Q. The Company undertakes no
obligation to update the information in this press release to
reflect events or circumstances after the date hereof or to reflect
the occurrence of anticipated or unanticipated events.
SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)
Condensed Consolidated Statements of Operations Data:
Three Months Ended Nine Months Ended
------------------------------ --------------------
9/30/2011 9/30/2010 6/30/2011 9/30/2011 9/30/2010
--------- --------- --------- --------- ---------
Net revenues $ 11,681 $ 11,305 $ 13,800 $ 37,185 $ 36,094
Gross margin 6,133 5,452 6,798 18,024 17,357
Operating expenses:
Selling expense 1,461 1,444 1,587 4,433 4,427
Engineering and
product development
expense 809 767 822 2,444 2,255
General and
administrative
expense 1,448 1,555 1,666 4,748 4,689
Operating income 2,415 1,686 2,723 6,399 5,986
Other income (expense) 5 8 10 71 (11)
Earnings before income
tax expense (benefit) 2,420 1,694 2,733 6,470 5,975
Income tax expense
(benefit) (2,762) 16 78 (2,624) 17
Net earnings 5,182 1,678 2,655 9,094 5,958
Net earnings per share -
basic $ 0.51 $ 0.17 $ 0.26 $ 0.90 $ 0.60
Weighted average shares
outstanding - basic 10,183 10,033 10,147 10,133 10,011
Net earnings per share -
diluted $ 0.50 $ 0.17 $ 0.26 $ 0.88 $ 0.59
Weighted average shares
outstanding - diluted 10,297 10,195 10,297 10,287 10,127
Condensed Consolidated Balance Sheets Data:
As of:
-----------------------------------
9/30/2011 6/30/2011 12/31/2010
----------- ----------- -----------
Cash and cash equivalents $ 12,064 $ 8,879 $ 6,895
Trade accounts receivable, net 6,816 8,278 6,244
Inventories 4,674 4,267 3,489
Total current assets 24,404 21,590 17,058
Net property and equipment 1,098 1,137 718
Total assets 31,227 26,274 21,408
Accounts payable 1,733 2,105 1,672
Accrued expenses 3,876 3,717 3,445
Total current liabilities 5,786 5,979 5,265
Noncurrent liabilities - - 39
Total stockholders' equity 25,441 20,295 16,104
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Contacts: inTEST Corporation Hugh T. Regan, Jr. Treasurer
and Chief Financial Officer Tel: 856-505-8999 Investors: Laura
Guerrant-Oiye Principal Guerrant Associates Email Contact Tel:
(808) 882-1467
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